What amount must we enter for Child tax credits.

anotherquestion

Hi folks,

My partner cashed out her pension pot (both of us didn't realise it would affect tax credits, it does)  In total before tax it was just over 13K after tax it worked out to about £9500.

When filling in this years tax credit form online what figure do we put, tha 13K or the lesser amount of £9500? and what category does it come under in form payment from Employer or the other category for pensions savings etc?

Thanks a lot for any help.

Dazed_and_C0nfused

anotherquestion said:

Hi folks,

My partner cashed out her pension pot (both of us didn't realise it would affect tax credits, it does)  In total before tax it was just over 13K after tax it worked out to about £9500.

When filling in this years tax credit form online what figure do we put, tha 13K or the lesser amount of £9500? and what category does it come under in form payment from Employer or the other category for pensions savings etc?

Thanks a lot for any help.

Tax isn't an allowable expense for tax credits (or anything else I can think of) so it would be the taxable amount that is relevant.

If there was no TFLS then it would be £13k.

sheramber

The taxable amount ( 13k) is included as 'other income' along with any saving income. You deduct £300 from the total other income and  enter the balance.

If there is no other  income/ interest etc  then it will be £13k less £300.

anotherquestion

Thanks, sorry for being late on getting back, The pension was from Scottish Widows and  I do have a feeling there was a Lump Sum Tax free Amount as it was a one off payment.
On my partners  government gateway it does say the 9K amount as earnings from an employer.

If so does that make a difference to what is put on the Tax credit form when we do it online this week, that we use the figure from the Government Gateway rather than the larger £13 k figure?

Thanks once again.

Dazed_and_C0nfused

anotherquestion said:

Thanks, sorry for being late on getting back, The pension was from Scottish Widows and  I do have a feeling there was a Lump Sum Tax free Amount as it was a one off payment.
On my partners  government gateway it does say the 9K amount as earnings from an employer.

If so does that make a difference to what is put on the Tax credit form when we do it online this week, that we use the figure from the Government Gateway rather than the larger £13 k figure?

Thanks once again.

You need to dig out the paperwork and check what the gross taxable payment was.